Dentons guides on Green Court's growth and deal in Budapest

Dentons guides on Green Court's growth and deal in Budapest

Dentons, a global law firm, advised Belgium-based real estate developer Codic on the development and sale of the Green Court multifunctional project in Budapest for €77 million to GroupamaGan REIM.

The development consists of a residential, office, and retail complex totalling approximately 20,200 square metres of rentable space.

Dentons assisted Codic in acquiring the site in 2008, helped with zoning and licencing requirements during the planning and construction phases, drafted the design and construction contracts, negotiated the leases (including the lease with core tenant Diageo), and provided support with property management and day-to-day operations. The French investor GroupamaGan REIM was brought to Codic through Dentons associate KovariJudit in February 2022. In an asset transaction that closed successfully in November 2022, the investor, acting on behalf of SCPI Affinités Pierre, acquired the Green Court office complex.

The legal team for the transaction was managed by KovariJudit, Head of Dentons' Real Estate practise in Budapest, with assistance from senior associates Gerendas Anna and Varnagy Rita as well as associates SzolnokiEszter, ZsomborFrankó, and DávidDemcsák.